Grupo Televisa is preparing a new phase of growth in Mexico’s telecommunications market through the commercial integration of AT&T Mexico, IZZI and Sky. The strategy, developed under the leadership of co-CEOs Bernardo Gómez and Alfonso de Angoitia, aims to generate up to $8 billion in annual revenue through bundled services, cross-selling opportunities and the convergence of mobile, fixed-line and satellite offerings.
Grupo Televisa is advancing a strategy to strengthen its presence in Mexico’s telecommunications sector through the commercial convergence of AT&T Mexico, IZZI and Sky. The initiative will allow customers of all three companies to access mobile phone, internet and pay-TV services through combined offerings, without initially requiring a full corporate or operational merger.
The initiative represents a significant growth opportunity for Grupo Televisa, led by co-CEOs Bernardo Gómez and Alfonso de Angoitia, who are at the helm of one of Mexico’s leading media and telecommunications groups.
The strategy seeks to leverage the commercial capabilities and customer bases of all three companies to expand their service offerings and strengthen their competitive position. According to the information presented by the company, AT&T Mexico has 23.3 million subscribers, while IZZI and Sky together serve nearly four million residential customers.
By combining these customer bases, Televisa aims to increase the number of services purchased by each consumer and create new revenue opportunities without having to build an integrated telecommunications operation from scratch.
Bernardo Gómez and Alfonso de Angoitia: A New Growth Chapter for Televisa
The convergence strategy is being developed under the leadership of Bernardo Gómez and Alfonso de Angoitia, co-CEOs of Grupo Televisa. Both executives were appointed to jointly lead the company in 2017, establishing a shared leadership structure to oversee the development of its businesses.
In this context, expanding into mobile services represents a strategic move to strengthen Televisa’s position in the telecommunications market and broaden the commercial opportunities available across its different business units.
Alfonso de Angoitia has been particularly involved in communicating the financial aspects of the transaction. The executive explained that the company will initially maintain AT&T Mexico’s financial information separately from that of its IZZI and Sky businesses.
Bernardo Gómez, meanwhile, is part of the executive leadership structure guiding Grupo Televisa and its broader corporate strategy.
Together, the company’s leadership is pursuing an approach that leverages existing assets and commercial capabilities to expand its presence in a market characterized by growing demand for connectivity and convergent services.
Televisa Targets $8 Billion in Annual Revenue
One of the strategy’s main objectives is to increase annual revenue from the combined business to approximately $8 billion, nearly three times the current revenue generated by Televisa’s residential and satellite operations.
In 2025, IZZI and Sky reported combined revenue of approximately 54.579 billion pesos, equivalent to roughly $2.9 billion.
The new commercial structure will allow IZZI and Sky residential customers to access AT&T’s mobile services, while AT&T Mexico subscribers will be able to purchase internet and pay-TV services from Televisa’s subsidiaries.
Francisco Valim, CEO of IZZI and Sky, explained during a conference call with analysts following the company’s third-quarter 2026 financial results that the objective is to generate synergies in both directions through bundled service offerings.
The strategy will allow consumers to purchase different services within a single commercial package, potentially increasing average revenue per user and strengthening customer retention.
A Commercial Integration of AT&T, IZZI and Sky Without an Initial Corporate Merger
Although the strategy aims to bring the three companies closer commercially, Televisa does not initially plan to fully integrate their corporate structures.
The decision reflects the terms of the transaction agreed upon with Fintech Holdings, under which both companies will hold a 50% stake in the acquired AT&T Mexico business.
As a result, AT&T Mexico’s assets will not become directly consolidated within Grupo Televisa’s corporate structure.
Jesús Romo, a telecommunications analyst at GlobalData, explained that the joint venture structure limits the possibility of directly consolidating the assets within Televisa.
However, the analyst noted that the initial separation does not rule out greater operational integration in the future, particularly if the companies identify opportunities to improve efficiency and maximize the value of their respective infrastructures.
The main challenge will be coordinating products, commercial systems and customer service channels so that the convergence of fixed-line and mobile services translates into a more integrated customer experience.
Alfonso de Angoitia Outlines Televisa’s Financial Strategy
Alfonso de Angoitia, co-CEO of Grupo Televisa, also provided details about the financial structure surrounding the transaction.
The executive stated that AT&T Mexico will initially maintain separate financial reporting from Televisa’s IZZI and Sky businesses. He also explained that the company does not plan to initially disclose AT&T Mexico’s standalone financial results, leaving the reporting structure for future evaluation.
Another important process will involve converting Televisa’s financial reporting from U.S. Generally Accepted Accounting Principles (US GAAP) to International Financial Reporting Standards (IFRS).
Since AT&T Mexico currently also reports under U.S. accounting standards, the conversion will be necessary to establish consistent accounting criteria across the different operations.
These decisions form part of the financial framework supporting the next stage of growth for the group led by Bernardo Gómez and Alfonso de Angoitia.
AT&T Could Retain Its Brand in Mexico
Another unresolved issue concerns the future of the AT&T brand in the Mexican market.
Televisa’s proposed commercial model could favor the brand’s continued presence by leveraging its existing market recognition and established customer base.
So far, neither Televisa nor AT&T has officially confirmed whether the brand will continue operating under the new commercial structure.
Other recent transactions in the telecommunications sector have demonstrated the potential value of retaining established brands to facilitate transitions and preserve consumer recognition.
Telecommunications Convergence: A Strategic Opportunity for Grupo Televisa
The commercial integration of AT&T Mexico, IZZI and Sky represents an opportunity for Grupo Televisa to expand its presence in the telecommunications market and diversify its revenue streams.
For Bernardo Gómez and Alfonso de Angoitia, the strategy comes at a time of significant transformation in the industry, as fixed-line, mobile and satellite connectivity become increasingly important for both consumers and businesses.
The initiative will allow Televisa to leverage the capabilities of companies with different infrastructures and customer bases while creating new opportunities for bundled commercial offerings.
However, its success will depend on the company’s ability to coordinate commercial operations, maintain a competitive customer experience and translate the projected synergies into measurable results.
Implementation of the plan will begin once Mexico’s National Antitrust Commission (Comisión Nacional Antimonopolios) approves the transaction between Televisa and Fintech Holdings.
In the meantime, the group will continue working on the structure needed to capitalize on the growth opportunities offered by telecommunications convergence.
With this strategy, Grupo Televisa aims to strengthen its competitive position and advance toward a telecommunications model that combines mobile phone, internet and pay-TV services within a broader commercial offering.
